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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
December 3120222021
(In millions)  
   
Loews Corporation (Parent Company):  
Senior:  
2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500)
$500 $500 
3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500)
500 500 
3.2% notes due 2030 (effective interest rate of 3.3%) (authorized, $500)
500 500 
6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300)
300 300 
4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500)
500 500 
CNA Financial:
Senior:
7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250)
243 243 
4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550)
550 550 
4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500)
500 500 
3.5% notes due 2027 (effective interest rate of 3.5%) (authorized, $500)
500 500 
3.9% notes due 2029 (effective interest rate of 3.9%) (authorized, $500)
500 500 
2.1% notes due 2030 (effective interest rate of 2.1%) (authorized, $500)
500 500 
Boardwalk Pipelines:
Senior:
4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300)
300 
3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300)
300 
5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600)
600 600 
6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550)
550 550 
4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500)
500 500 
7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100)
100 100 
4.8% notes due 2029 (effective interest rate of 4.9%) (authorized, $500)
500 500 
3.4% notes due 2031 (effective interest rate of 3.5%) (authorized, $500)
500 500 
3.6% notes due 2032 (effective interest rate of 3.7%) (authorized, $500)
500 
Finance lease obligation5 6 
Loews Hotels & Co:
Senior debt, principally mortgages (effective interest rates approximate 5.5% and 4.6%)
732 692 
 9,080 9,141 
Less unamortized discount and issuance costs61 62 
Debt$9,019 $9,079 
December 31, 2022PrincipalUnamortized Discount and Issuance CostsNetShort Term DebtLong Term Debt
(In millions)     
      
Loews Corporation$2,300 $20 $2,280 $500 $1,780 
CNA Financial2,793 12 2,781 243 2,538 
Boardwalk Pipelines3,255 21 3,234 3,234 
Loews Hotels & Co732 8 724 111 613 
Total$9,080 $61 $9,019 $854 $8,165 

At December 31, 2022, the aggregate long term debt maturing in each of the next five years is approximately as follows: $855 million in 2023, $1.5 billion in 2024, $3 million in 2025, $1.6 billion in 2026, $1.1 billion in 2027 and $4.0 billion thereafter. Long term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin.

CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $5 million of FHLBC stock as of December 31, 2022, giving it access to approximately $106 million of additional liquidity. As of December 31, 2022 and 2021, CNA had no outstanding borrowings from the FHLBC.

In 2019, CNA amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At CNA’s election, the commitments under the amended and restated credit agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. As of December 31, 2022, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants.

In February of 2022, Boardwalk Pipelines completed a public offering of $500 million aggregate principal amount of its 3.6% senior notes due September 1, 2032. Boardwalk Pipelines used the proceeds to retire the outstanding $300 million aggregate principal amount of its 4.0% senior notes due June 2022 in March of 2022, to fund growth capital expenditures and for general corporate purposes. In November of 2022, Boardwalk Pipelines retired the outstanding $300 million aggregate principal amount of its 3.4% senior notes due February 1, 2023 at a redemption price of 100% of the principal amount plus unpaid and accrued interest. The retirement was funded from available cash.

Boardwalk Pipelines has a revolving credit facility that is evidenced by a credit agreement with a borrowing capacity of $1.0 billion through May 27, 2027. Interest rates are based on the term Secured Overnight Financing Rate (“SOFR”). As of December 31, 2022, Boardwalk Pipelines had no outstanding borrowings and all of the $1.0 billion available borrowing capacity under its revolving credit facility. As of December 31, 2022, Boardwalk Pipelines was in compliance with its covenants under the credit agreement.

Certain of the hotels wholly or partially owned by Loews Hotels & Co are financed by debt facilities, with a number of different lenders. Each of the loan agreements underlying these facilities contains a variety of financial and operational covenants. As of December 31, 2022, Loews Hotels & Co was in compliance with these covenants.